Credit unions used to differentiate through the member experience. When members walked into the branch, they were greeted by name with a smile. They got the best rates and terms. But new technologies and trends have narrowed the gap between the credit union and fintech/big bank experiences. Read on to see what we mean—and how organizations like Datava keep credit unions competitive.
The Credit Union Advantage Is GoneFor the last several years, major polls have shown that the experience gap between credit unions and banks has closed. Average bank NPS recently passed that of the average CU. Banks and fintechs are offering better loan rates and faster approvals. Furthermore, mobile banking is fast becoming the primary banking channel for consumers under the age of ~55. Major banks and especially fintechs are debuting the best mobile apps and experiences. Kirk Kordeleski, former CEO of Bethpage CU and partner at OM Financial Group says credit unions must think differently about their relationship to members—and data: “Member value was about personal, one-to-one interaction. That has changed. The value today comes from data creating that personalization.” Credit unions generate tons of data. Harnessing that data is key to creating more relevant, personalized financial journeys for members. To be clear: To provide value for members, you must personalize their experience. And to do that, you need data.
How Datava Personalizes Member FinanceFor credit unions, generating data is the easy part. Actually using it is harder. Fortunately, companies like Datava simplify things. Datava is, in essence, a CRM for credit unions. Datava gives credit unions a full picture of each member—where they get their money, how they use it, what they might be able to do with it… But unlike other CRMs, Datava fully embraces personalization. They let credit unions customize the look, feel, and end goals of the platform. They also empower credit unions to guide and even automate individualized member journeys according to that data. There are many credit union CRMs out there, but we love these things about Datava:
- It’s fully managed. If your credit union doesn’t have the resources to run a new product, Datava will step in to help you meet your goals.
- It’s fast and affordable. The setup is remarkably fast, and it comes in at about half the price of its competition.
- It’s extremely flexible. Not only is it customized to each credit union, but it can be used by everyone, from tellers to the CEO.